Turboatom's 2005 Results Announced.

One of Ukraine’s largest producer of turbines for thermoelectric and atomic power stations (TATM: N/R) posted a slight decrease in net revenues by 0.5% to USD 54.0 mln, in line with our projections. Net income fell 17% to USD 3.9 mln, and is below our projections of USD 4.3 mln. In related news, the Ministry of Industrial Policy is asking the government to give it control of the state’s 75% stake in Turboatom, which is currently managed by the State Property Fund. The ministry is pushing for the creation of an energy machine building corporation based on Turboatom and three state-owned companies: Elektrotyazhmash, Kharkiv electromechanical plant and Kharkiv instrument-making plant. The latter three companies are all 100% managed by the Industrial policy Ministry. The SPF and Turboatom’s management are against the corporation, pointing out that some of the state-owned companies are losing money, and thus the corporation would not be beneficial for Turboatom.